Japan has set a price ceiling for Russian oil products in accordance with the sanctions policy of the G7 countries.
This was reported by the Ministry of Foreign Affairs of the country.
The marginal price of Russian oil products with a discount (for example, fuel oil) will be $45 per barrel, and for premium products (for example, diesel fuel) — $100.
According to the Japanese Ministry of Foreign Affairs, the measures will take effect on February 6. A transition period of 55 days is provided for vessels with Russian petroleum products that were purchased and loaded before February 5 and unloaded before April 1.
The restrictions announced by Japan correspond to similar measures that the European Union introduced on February 5.
- The relevant sanctions were approved by the EU in the summer of 2022, but the embargo on oil supplies came into effect on December 5, and on oil products on February 5.